We invest in established businesses — typically founder-led or closely held — where patient capital, disciplined execution, considered stewardship and long-term alignment support sustainable value creation.

Our two investment strategies are complementary and allow us to support businesses through growth, value inflection, succession, and other evolving capital needs.

For our investors, we provide investment exposure to New Zealand mid-market businesses – an opportunity otherwise difficult to access.

We partner with founders and management teams to build stronger businesses over time. Our role is to support where we can add value — through experience, perspective, and governance — rather than to direct the business from the sidelines.

We focus on improving strategy and decision quality, ensuring capital is deployed thoughtfully and governance is robust. We appoint board members who add practical experience, independence, and long-term perspective.

We select investments based on the drivers of long-term enterprise value (including value realised over time through dividends) — strategy, stewardship, cash generation, and alignment — rather than relying on leverage, financial engineering, or opportunism. Capital structure is a tool to support value creation, not the source of it.

Many New Zealand businesses face complexity at the point capital is required: succession, multiple shareholders, partial liquidity needs, or transitional ownership structures. We are comfortable investing in these situations, rather than waiting until complexity has been resolved.

We are comfortable investing in both control and minority positions. Minority investing requires a distinct skill set — driving outcomes through alignment, stewardship, and constructive partnership rather than control alone. This discipline is core to our approach and reflects how many successful New Zealand businesses are best supported.

Private Equity is often appropriate where a business is facing one or more of:

• Founder or shareholder succession.
• A desire to partially realise value while retaining involvement.
• The need for growth capital with strategic support.
• Increasing complexity requiring stewardship and professionalisation.

We work with founders and management teams to structure investments that balance risk, control, and long-term value creation. We are very bespoke — recognising that no two businesses or ownership situations are the same.

For our investors, returns are generated through long-term ownership, active stewardship, and growth in underlying enterprise value (including value realised over time through dividends).

We invest in established New Zealand businesses with sustainable business models and clear long-term value-creation potential.

Typical characteristics include:

• Revenue greater than $10 million
• New Zealand-based operating businesses with experienced management teams
• Profitable, or near-profitable, businesses with a clear path to sustainable cash generation
• Opportunities for growth, succession, or ownership transition
• Businesses with appropriate stewardship structures or the ability to strengthen stewardship over time
• Broad sector focus, excluding: property-led businesses, primary agriculture and activities inconsistent with our Responsible Investment Policy | PDF

We invest using equity or equity-linked instruments, typically taking control or influential minority positions.  We target an investment size of up to $20 million.

The use-case for our funding is often a response to the question:

“Why raise equity at today’s value when we could raise it at a higher multiple once we have delivered initiatives a, b, and c?”

Our funding is commonly used to support:

• Small acquisitions
• Development or expansion projects
• Entry into new markets
• Investment in growth initiatives

We structure our funding so it can be redeemed easily, preserving flexibility over future balance-sheet and capital-structure decisions.

Our approach works particularly well where a business:

• Wants to avoid equity dilution
• Does not want another party to a shareholders’ agreement
• Does not want a new active stewardship or board relationship

For our investors, returns come from regular interest income over the loan term plus equity participation through the options on shares.

We provide structured Private Debt to New Zealand mid-market businesses where enterprise value and future cash flows underpin the investment case.

Typical characteristics include:

• Established New Zealand businesses with a track record of operating performance
• Funding requirements to support growth, acquisition, or transition initiatives
• Businesses with the capacity to service interest and repay capital over time
• Situations where traditional bank funding may be constrained or unavailable, particularly where there are few hard assets
• Broad sector focus, excluding: property-led businesses, primary agriculture and activities inconsistent with our Responsible Investment Policy | PDF

Investments are typically structured as senior secured loans with an equity participation component and designed to balance capital protection with alignment to long-term business value.  We target an investment size of $1.5 – 5 million and a loan term of 2 years +/- 6 months.